Basingstoke electronics firm, Luminos Lighting, is looking to capitalise on market growth in the LED lighting sector, having successfully secured a £200,000 Enterprise M3 Expansion Loan.
The family run business was set up in 2010 by highly-skilled and creative electronics engineer, Kevin Coffey, to pursue the development of innovative LED lighting solutions and intelligent control systems. Over the last six years Kevin and his two sons, Duncan and Sebastian, have grown a thriving business operating across four seemingly diverse sectors, but which share considerable commonality in underlying technology: LED lighting, fire detection systems, low surface temperature radiator covers and nurse call systems.
Offering high quality products across these ranges, Luminos has already established itself as the market leader in the specialist radiator cover market under its Coverad brand and is now taking action to build on its already strong base in LED lighting. The global lighting market is set to expand at a rate which will see it reach the same scale as the global TV market by 2020 and LED technology will be at the heart of this expansion.
Kevin Coffey, Founder and Managing Director elaborates: “As the lowering cost renders it a broadly affordable technology and societal and legislative pressures to meet environmental targets increase, LED is set to fill an increasing proportion of lighting needs within both the domestic and non-domestic sector. At Luminos we are the only company in the UK with in-house design and engineering capabilities alongside full in-house assembly facilities – our competitors tend to rely on ready-assembled units from the Far East. This means that we can be responsive to the needs of our clients, making modifications as required, thus offering a leading edge and fit-for-purpose end product.”
With a historically high conversion rate and a strong and growing pipeline, Luminos aims to boost its local team over the next 18 months in order to meet demand and drive further growth. The Enterprise M3 Expansion Loan will be used to help cover additional staffing costs as well as investment in plant and increased sales and marketing activities.
James Edwards, Senior Fund Manager at The FSE Group, which manages the Expansion Loan Scheme on behalf of Enterprise M3 Local Enterprise Partnership (LEP), remarks: “This tight knit, highly experienced team has built a strong business offering a wide but related product range that is continually pushing the boundaries of innovation within its sectors. Working with Kevin to ensure new opportunities are fully exploited, we look forward to helping the company grow in line with its goals.”
The Enterprise M3 Expansion Loan Scheme is part of the Enterprise M3 Funding Escalator, a £5.5million initiative funded by Enterprise M3 LEP. The escalator, which also includes an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £200,000 for activities that will deliver high-growth and employment opportunities.
Geoff French, CBE, Chair of Enterprise M3 LEP says: “Our LEP area is renowned for leadership in Science and Technology, and Luminos represents a class of growing SMEs that will help us build on our remarkable achievement in that sector. We recognise the importance of small and medium sized businesses in our area and will continue to engage with them to ensure that they get the support needed to maximise productivity and grow.”
For more information about the Enterprise M3 Expansion Loan Scheme please visit http://www.thefsegroup.com/enterprise-m3-expansion-loan-scheme or contact James Edwards at firstname.lastname@example.org tel: 01276 608531.